Question 20 (1 point) On December 31, 2023, Contreras Corp. has 1,500 shares outstanding of $20 par value 6% preferred stock and 3,000 shares outstanding of $30 par value common stock. The company did not pay out dividends in 2021 and 2022. As of December 31, 2023, the company will distribute $110,000 in dividends. Contreras began operations January 1, 2021. How much will the preferred stockholders receive if the preferred stock is cumulative and fully participating. (round calculations to 4 decimal places) a) $30,201 b) $24,801 c) $1,800 d) $5,400 Question 21 (1 point) Rizzo Co. has Net Income of $279,000 for 2024. Over the past two years, the company had outstanding 125,000 shares of common stock. During the year, the company paid dividends on preferred stock in the amount of $45,000. The company has outstanding all year 20,000 shares of cumulative preferred stock. Each share of preferred stock is convertible into 4 shares of common stock. The company's tax rate is 20 percent. What is the company's diluted earnings per share? a) $1.14 b) $1.36 c) $2.23 d) $1.87 Question 22 (1 point) Contreras Inc. purchased a put option during the year. Over the course of the year, the time value of the put option has declined. In recording the reduction of the time value of the put option, the company will include in their journal entry a a) a debit to the Unrealized Holding Gain or Loss - Income. b) debit to the put option. c) a credit to the cash account. d) a credit to the Unrealized Holding Gain or Loss - Income. Question 23 (1 point) Rizzo Co. has Net Income of $279,000 for 2024. Over the past two years, the company had outstanding 125,000 shares of common stock. During the year, the company paid dividends on preferred stock in the amount of $45,000. The company has outstanding all year 20,000 shares of cumulative preferred stock. Each share of preferred stock is convertible into 4 shares of common stock. The company's tax rate is 20 percent. What is the company's basic earnings per share? a) $2.23 b) $1.87 c) $1.14 d) $1.36